亚太资源2024/25中期报告

2024/25INTERIM REPORT CONTENTS目錄 2Corporate Information公司資料4CEO’s Message行政總裁致辭6Management Discussion and Analysis管理層討論及分析23Other Information其他資料29Condensed Consolidated Statement of Profit or Loss簡明綜合損益表30Condensed Consolidated Statement of Profit or Lossand Other Comprehensive Income簡明綜合損益及其他全面收益表31Condensed Consolidated Statement ofFinancial Position簡明綜合財務狀況表33Condensed Consolidated Statement ofChanges in Equity簡明綜合權益變動表34Condensed Consolidated Statement of Cash Flows簡明綜合現金流量表37Notes to the Unaudited Interim CondensedConsolidated Financial Information未經審核中期簡明綜合財務資料附註83Report on Review of Interim CondensedConsolidated Financial Information中期簡明綜合財務資料審閱報告 公司資料 CORPORATE INFORMATION Andrew Charles Ferguson BOARD OF DIRECTORS Executive Director Mr. Andrew Charles Ferguson(Chief Executive Officer) Non-Executive Directors Mr. Arthur George Dew(Chairman)(Mr. Wong Tai Chun, Mark as his alternate)Mr. Lee Seng HuiMs. Lam Lin Chu Arthur George Dew Independent Non-Executive Directors Dr. Wong Wing Kuen, AlbertMr. Wang HongqianMr. Kelvin Chau Kwok Wing EXECUTIVE COMMITTEE Andrew Charles FergusonArthur George Dew Mr. Andrew Charles Ferguson(Chairman)Mr. Arthur George Dew(Mr. Wong Tai Chun, Mark as his alternate) AUDIT COMMITTEE Arthur George Dew Dr. Wong Wing Kuen, Albert(Chairman)Mr. Arthur George Dew(Mr. Wong Tai Chun, Mark as his alternate)Mr. Wang HongqianMr. Kelvin Chau Kwok Wing REMUNERATION COMMITTEE Arthur George Dew Dr. Wong Wing Kuen, Albert(Chairman)Mr. Arthur George Dew(Mr. Wong Tai Chun, Mark as his alternate)Mr. Wang HongqianMr. Kelvin Chau Kwok Wing NOMINATION COMMITTEE Arthur George Dew Mr. Arthur George Dew(Chairman)(Mr. Wong Tai Chun, Mark as his alternate)Dr. Wong Wing Kuen, AlbertMr. Wang HongqianMr. Kelvin Chau Kwok Wing COMPANY SECRETARY Ms. Lin Wei AUDITOR BDO Limited STOCK CODE 1104 1104 CORPORATE INFORMATION (CONTINUED)公司資料（續） LEGAL ADVISERS AddisonsConyers Dill & PearmanP. C. Woo & Co. AddisonsConyers Dill & Pearman PRINCIPAL BANKERS Bank of China (Hong Kong) LimitedThe Bank of East Asia, LimitedChong Hing Bank LimitedThe Hongkong and Shanghai Banking Corporation LimitedIndustrial and Commercial Bank of China (Asia) Limited HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS Room 2304, 23rd FloorAllied Kajima Building138 Gloucester RoadWanchaiHong KongTel: +852 2541 0338Fax: +852 2541 9133 138232304+852 2541 0338+852 2541 9133 REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda P R I N C I P A LS H A R E R E G I S T R A R A N DTRANSFER OFFICE Appleby Global Corporate Services(Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM 1179, Hamilton HM EXBermuda Appleby Global Corporate Services(Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM 1179, Hamilton HM EXBermuda HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong WEBSITE www.apacresources.com www.apacresources.com 行政總裁致辭 CEO’S MESSAGE Dear Shareholders, As we move into 2025, the global economy remains in a stateof uncertainty, shaped by key developments such as shifts inU.S. policies under the Trump administration, China’s economicstimulus efforts, and ongoing geopolitical tensions, including theRussia-Ukraine conflict and the situation in the Middle East. Whilenear-term challenges persist, we remain confident in the structuralstrength of the commodities sector. 5%4.8% The past six months, ending December 2024, have presentedconsiderable challenges, particularly as commodity marketsreacted to concerns over China’s economic trajectory. Investorshad anticipated a significant stimulus package from the Chinesegovernment, but uncertainty prevailed. Following PresidentTrump’s re-election in November 2024, fears of a potential tradewar further weighed on global markets. Ultimately, China’s full-year GDP growth for 2024 came in at 5%, slightly surpassingmarket expectations of 4.8%. However, this was not enoughto restore broad-based confidence in the country’s economicstrength. As of early February, global markets continue to fluctuatein response to evolving U.S. trade policies. While optimismsurrounding AI-driven industries has provided some support,concerns remain about inflationary pressures and the potentialimpact of aggressive tariffs, extended tax cuts, and shifts inlabor dynamics due to immigration policies. That said, efforts bythe Trump administration to reduce energy prices and bolsterdomestic manufacturing may offer some counterbalance,supporting both U.S. economic growth and commodity demand. 5% China’s economic outlook remains uncertain, despite ongoings t i m u l u s m e a s u r e s . S i n c e S e p t e m b e r 2 0 2 4 , t h e c e n t r a lgovernment has taken a more proactive approach, introducingstock swap programs, interest rate cuts, reserve requirementadjustments, debt packages, and extended trade-in pro